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Old 05-07-2008, 09:50 AM
 
Location: Dallas/Fort Worth, Texas
3,930 posts, read 8,717,910 times
Reputation: 2166
Default Bank of New York REO Dept.

I am having a very difficult time finding a contact for the REO department for the Bank of New York. There is an REO that I am trying to buy and it's not listed yet.

Appreciate any help.
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Old 07-26-2008, 04:11 PM
 
Location: Seattle, WA
209 posts, read 379,998 times
Reputation: 83
You might want to just give them a call and ask. I suspect they have a separate company that is handling any asset recovery. I did some searches and could not find anything.
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Old 07-27-2008, 05:48 AM
 
Location: Somerset, NJ
505 posts, read 1,483,213 times
Reputation: 128
Quote:
Originally Posted by nsumner View Post
I am having a very difficult time finding a contact for the REO department for the Bank of New York. There is an REO that I am trying to buy and it's not listed yet.

Appreciate any help.
I'm not sure of contact info for them...if the occupants are not out of the property yet I would recommend waiting until they are as sometimes they will sell you the property without doing that and it can become your headache.

If you call up and ask to speak to their retention department you may have better luck.

~Joey
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Old 10-01-2008, 01:03 AM
 
Location: Seattle, WA
209 posts, read 379,998 times
Reputation: 83
Quote:
Originally Posted by nsumner View Post
I am having a very difficult time finding a contact for the REO department for the Bank of New York. There is an REO that I am trying to buy and it's not listed yet.

Appreciate any help.

I have been organizing a listing off as many Bank REO departments I can find and do reviews to give the user some information on what to expect.
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Old 10-06-2008, 10:25 PM
 
714 posts, read 960,791 times
Reputation: 212
Good Luck with the Bank of New York! I know that they use SPservicing Select for their foreclosures. I had a home listed, it went into foreclosure....it took 6 months before they put it on the market. I called two weeks after they bought it and they already had a realtor assigned to it....mind you I called and tried to put an offer in on it...I would have included the listing Realtor and all....but it took six months to get it on the market....and they told me it has been assigned and I would just need to wait until it was on the market...

I'm sorry...did you just tell me that you don't want my acceptable offer? YEP! That's what they told me. I tracked down the REO Realtor and he told me that he didn't know when it would be for sale. I told him that we could get this done now, or he could call me and let me know asap when he put it on the MLS. He told me that he didn't have time to do call backs and that I just needed to watch the MLS. How crazy...it was 5 1/2 months later that he put it on the market. The buyers bought a house at auction 4 months before.

They are just plain ignorant when it comes to getting houses off their books! I don't know if it was the REO Realtor b/c he always has like 50 listings or the Bank of New York with horrible paperwork.

Here is the site I used https://www.spservicing.com Good Luck! I'd love to hear if you get it solved.
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Old 05-07-2009, 09:03 PM
 
2 posts, read 102,768 times
Reputation: 11
Default I am in the same position

Your story was very interesting for me. I would like to buy a house owned by Babk of New York. I know it was already assigned to a Realtor. But the story is repeating again. It has already been at least 3 months and it is not on the market, not in MLS yet. And nobody knows when!
If you have any additional information for my situation I would greatly appreciate it. I hope Bank of New York has become more efficient.
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Old 05-07-2009, 09:43 PM
 
Location: Dallas/Fort Worth, Texas
3,930 posts, read 8,717,910 times
Reputation: 2166
If you know which Realtor it has been assigned to that's a big step. They are probably doing the BPO and depending on the condition may be doing a make-ready to put it on the market.

The other reason for not being on the market yet is they may be negotiating with lien holders or they may be cleaning up the title if there are multiple liens on it.

Have your agent contact the agent they assigned.

Naima
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Old 05-08-2009, 12:52 PM
 
2 posts, read 102,768 times
Reputation: 11
The reason I want to contact the Bank of New York directly is to avoid the competition of the open market. I want to buy this house and want to make an offer directly to the bank to spare the commission expenses.
I know this is a long shot. But I want to give it a try.
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Old 05-08-2009, 03:24 PM
 
Location: Dallas/Fort Worth, Texas
3,930 posts, read 8,717,910 times
Reputation: 2166
Most banks will not deal with you directly. Otherwise they will have to open a sales department, imagine the number of calls they would get. Even though it sounds like it would make sense for you, but they still require that the procedure they have in place be followed. They have a contract with a Realtor and your Realtor will deal with that listing agent on your behalf.

Naima
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Old 11-15-2009, 07:55 PM
 
1 posts, read 46,143 times
Reputation: 10
lets say ur a realtor and the bank of anywhere usa has a contract with u to list it on the mls your comission will be ZERO ZIP NADA ZILCH UNLESS U R THE SELLING AGENT so lets see fill out the mls sheet send to bank wait 30 days 4 price drop ( 5 grand ) then wait 30 days another 5 grand then wait 30 days another 5 grand now sell 2 your bud and he gives u a tip and then send the mls sheet to them and everybody is happy cause he: fix and sell 4 big bucks!!!ll
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